[KarlInOhio]

Does the Kennedy family lose a major portion of their wealth through the estate tax? Or do they have their money so well hidden in trusts that nothing is taxed? If the second then the estate tax is a farce and should be eliminated.

Side question: If there is no estate tax, is there a step up in the basis value for capital gains upon death or do the heirs get hit for the full capital gains on grandpa's stock and real estate upon sale?

[beethovenfan]

If the step-up basis goes we’re all screwed. Who has records of something bought decades ago?